US Alternative Financial Service Industry Statistics

US Alternative Financial Service Industry Statistics 1234561890 BANK Nearly 10 million (8.2%) 28.3% US households don't have bank of US households are either unbanked or under banked accounts Major Reasons For Not Having A Bank Account BANK BANK 33% 21% 7.5% Don't Need Bank Accounts Not Enough Funds Don't Trust Banks BANK CLOSED $ XXX 6.6% 6.4% 5.4% Lack Identification Documents Bank Closed Their Accounts Bank Account Fees/ Min Balance Requirements A 25% of US households have used at least one form of an alternative financial service CASH HERE Money Order Check Cashing Service PAWN SHOP Tax Refund Pawn Shop QUICK Anticipation Loan CASH Rent-to-Own RENT Service Payday Loan OWN And about 12% of households have More than 13,000 non-bank financial services companies operate nationwide (double used one of these products in the past 30 days the number of US commercial banks) Annual Transaction Volume of US AFS Industry Transaction Volume Alternative Financial Service ( In Billions) Buy-Here-Pay-Here (BHPH) Loans $90 Check Cashing $50 Payday Loans $48 O Remittances $46 $$ Prepaid Cards $39 Refund Anticipation Loans $26 Money Orders $17 RENT OWN Rent-to-Own Transaction $7 Popular AFS Products Used By Under-Banked Households In The Last 12 Months 71.2% 22.8% 14.4% 10.2% 7.9% 5.4% 4.6% Check Refund Anticipation Loan Non-Bank Remittance Payday Loạn Pawn Rent-to-Own Money Order Cashing Shop Why Households Prefer AFS Products BANK 51.8% 18.4% 13.6% 10.1% Don't Qualify For Bank Loan More To Get Money Don't Have Convenient Fast Bank Account BANK 3.4% 1% 0.9% 9.6% High Bank Fees Lack of Identification Documents Do Not Trust Other Banks Major Reasons Why Households Need Credit from AFS Products Special Gifts / Luxuries For Basic Decrease For House Living Expenses in Income or Car Repairs 43% 17% 11.8% 4.7% Family Expenses Health Expenses Legal Expenses Other 2.2% 2.5% 0.6% 13.8% Sources http://finance.yahoo.com/news/10-million-households-dont-bank-140100175.html http://money.cnn.com/2012/09/12/pf/fdic-bank-accounts/index.html http://www.fdic.gov/bank/analytical/quarterly/2009_vol3_1/AltFinServicesprimer.html http://www.fdic.gov/householdsurvey/2012_unbankedreport.pdf thecreditexaminer Designed & Compiled by - personal finance, budgeting, and investing US Alternative Financial Service Industry Statistics 1234561890 BANK Nearly 10 million (8.2%) 28.3% US households don't have bank of US households are either unbanked or under banked accounts Major Reasons For Not Having A Bank Account BANK BANK 33% 21% 7.5% Don't Need Bank Accounts Not Enough Funds Don't Trust Banks BANK CLOSED $ XXX 6.6% 6.4% 5.4% Lack Identification Documents Bank Closed Their Accounts Bank Account Fees/ Min Balance Requirements A 25% of US households have used at least one form of an alternative financial service CASH HERE Money Order Check Cashing Service PAWN SHOP Tax Refund Pawn Shop QUICK Anticipation Loan CASH Rent-to-Own RENT Service Payday Loan OWN And about 12% of households have More than 13,000 non-bank financial services companies operate nationwide (double used one of these products in the past 30 days the number of US commercial banks) Annual Transaction Volume of US AFS Industry Transaction Volume Alternative Financial Service ( In Billions) Buy-Here-Pay-Here (BHPH) Loans $90 Check Cashing $50 Payday Loans $48 O Remittances $46 $$ Prepaid Cards $39 Refund Anticipation Loans $26 Money Orders $17 RENT OWN Rent-to-Own Transaction $7 Popular AFS Products Used By Under-Banked Households In The Last 12 Months 71.2% 22.8% 14.4% 10.2% 7.9% 5.4% 4.6% Check Refund Anticipation Loan Non-Bank Remittance Payday Loạn Pawn Rent-to-Own Money Order Cashing Shop Why Households Prefer AFS Products BANK 51.8% 18.4% 13.6% 10.1% Don't Qualify For Bank Loan More To Get Money Don't Have Convenient Fast Bank Account BANK 3.4% 1% 0.9% 9.6% High Bank Fees Lack of Identification Documents Do Not Trust Other Banks Major Reasons Why Households Need Credit from AFS Products Special Gifts / Luxuries For Basic Decrease For House Living Expenses in Income or Car Repairs 43% 17% 11.8% 4.7% Family Expenses Health Expenses Legal Expenses Other 2.2% 2.5% 0.6% 13.8% Sources http://finance.yahoo.com/news/10-million-households-dont-bank-140100175.html http://money.cnn.com/2012/09/12/pf/fdic-bank-accounts/index.html http://www.fdic.gov/bank/analytical/quarterly/2009_vol3_1/AltFinServicesprimer.html http://www.fdic.gov/householdsurvey/2012_unbankedreport.pdf thecreditexaminer Designed & Compiled by - personal finance, budgeting, and investing